"We continue to receive more and more public and non-public information about the problems within a whole group of banks - FC Otkritie, Bina, Moscow Credit Bank (IBC) and Promsvyazbank. There is a high probability that the situation around them can be finally resolved this fall, and not after the election of the Russian president in 2018, as many think, "- said in a letter that Alfa Capital recently sent to its clients. The risks in the first place are issues of subordinated bonds, "which, in the case of the [issuer bank] sanation, are likely to be written off completely," Alfa Capital specifies.

These four banks are in the top 15.

The management company indicates that it has closed the limits on the bonds of these four banks and recommends its clients "to distance themselves from the risk by transferring assets to more reliable participants of the Russian banking system".

The representative of Alfa Capital said that the letter was sent out to existing clients, explaining that the company focuses on conservative strategies: "Asset management and risk management departments monitor the market on a daily basis, taking into account the ratings of issuers from rating agencies and give recommendations depending on the risk- Profile of the client, their portfolio and the current market situation. "
Promsvyazbank has four issues of subordinated eurobonds for $ 1.1 billion and one for 5 billion rubles. FC Otkritie has three issues of Eurobonds worth $ 1 billion, ICD has four issues of $ 1.8 billion and five billion rubles, and Binbank has no such securities.

The situation in the banking market has recently escalated. First deputy chairman of the Central Bank Dmitry Tulin, after the collapse of Ugra, reassured: "We do not expect any serious negative events in the foreseeable future, first of all, revocation of licenses from large, significant banks" (TASS quotation).

"We certainly do not welcome the spread of this kind of analytics, which can be used to distort competition.

We plan to conduct a supervisory review, as well as send a request to the FAS to conduct an audit for unfair competition, "- said in a response to the Central Bank's request for" Vedomosti. "

"We need to study the letter of Alfa Capital, after which we will be able to comment on the situation," said Lilia Belyaeva, deputy head of the Financial Market Control Department of the FAS.

The main owner of the "Opening of the Holding" Vadim Belyaev explained his return to the operational management of the holding in the beginning of August by the fall of Ugra and the active spread of rumors through sms-mailings and social networks.

In July, ACRA awarded FC Opening to BBB-, effectively depriving it of the ability to raise funds from the budget and pension funds. In June, companies, mostly state-owned, took 105.8 billion rubles from the bank. Binbank also changes the head: Yevgeny Davydovich will become the presidency. Among his priorities is to improve the structure of the bank's balance sheet, said Mikhail Gutseriev, Chairman of the Board of Directors of Binbank (S & P drew attention to a loan of RR 563 billion to the rehabilitated "Growth of the Bank"). MKB agency Fitch in June lowered the rating to BB-, explaining this growth of credit risks and a large debt burden of the concern "Rossium" the main owner of the bank Roman Avdeev.

"Such stories happen when analysts give their opinion of the situation on the market. Last year, a similar case was sent by VTB analysts. We do not even react to such letters, we have a traditionally good working relationship with VTB, Alfa Bank, and all serious players, "Dmitry Ananyev, co-owner and predpravleniye of Promsvyazbank, said through the representative. "We generally see very strong information pressure, and there is a feeling that this is not just happening. It seems that behind this someone's orders, I do not know whose. We do not comment on the actions of our colleagues in the shop, "Belyaev told Vedomosti. Avdeev declined to comment, and the chairman of the ICB Vladimir Chubar said that the bank with the recommendations of Alfa Capital does not agree. "Alfa Capital's statements about Russia's largest private banks are reminiscent of either irresponsible and unreasonable statements by analysts, or an attempt to conduct unfair competition," a Binbank spokesman said.

"Such letters can be considered as a prerequisite for market manipulation and should be subject to consideration by the Central Bank. Making such statements, even among a limited circle, it is necessary to carefully check information about possible problems in certain banks: any careless assessment can outrage the market, "- says the president of the Association" Russia "Anatoly Aksakov. "It is even more unacceptable when the bank itself does this: every time one bank throws it into another stone, this stone flies into it as a boomerang," says the president of the Association of Russian Banks Garegin Tosunyan.

The Central Bank called for an analyst "Alfa Capital"
Analyst Sergei Gavrilov from "Alfa Capital" called the banks, whose papers are better to get rid of
Vedomosti, August 16, 2017

 The manager of Alfa Capital, who sent a letter to clients about the problems of four large banks, was summoned to the Central Bank for questioning - the regulator had suspicions of trying to manipulate, a person close to the Central Bank told Vedomosti. The source, who knows this from the leaders of the Central Bank, also says that the employee of Alfa Capital was invited by the regulator to a conversation. He knows that the Central Bank intends to conduct an audit of this incident, including with regard to possible attempts at manipulation.

A representative of Alfa Capital confirmed that Gavrilov was summoned to the Central Bank on Wednesday, refusing to comment further.

 In a letter to clients, Sergei Gavrilov, director for working with wealthy clients of Alfa Capital, pointed to banks in Russia's top 15, whose investments in securities could be risky. "We continue to receive more and more public and non-public information about the problems within a whole group of banks - FC Otkritie, Bina, Moscow Credit Bank (IBC) and Promsvyazbank. There is a high probability that the situation around them can be finally resolved this fall, and not after the election of the Russian president in 2018, "the analyst said in a letter. Under the risk, first of all, issues of subordinated bonds, "which in the case of the [issuing bank's] reorganization, are likely to be written off completely," Alfa Capital specifies.

The management company indicated that it closed the limits on the bonds of these four banks and recommends that customers "distance themselves from the risk by transferring assets to more reliable participants in the Russian banking system".

In the Criminal Code "Alfa-Capital" stated that Gavrilov's letter - "the personal point of view of an individual employee and in this case does not correspond to the position of the company." CC assured that it does not have any non-public negative information regarding this group of banks.

 Promsvyazbank has four issues of subordinated eurobonds for $ 1.1 billion and one for 5 billion rubles. FC Otkritie has three issues of Eurobonds worth $ 1 billion, ICD has four issues of $ 1.8 billion and five billion rubles, and Binbank has no such securities.

Contact with Gavrilov failed. "We plan to conduct a supervisory review, as well as send a request to the FAS to conduct an audit for unfair competition," the Central Bank replied in response to a request from Vedomosti. "We need to study the letter of Alfa Capital, after that we will be able to comment on the situation," said Lilia Belyaeva, deputy head of the FAS financial markets control department.
"Unreasonable and unfair"

Promsvyazbank called the letter of the Criminal Code "Alfa Capital" an example of "unfair competition and distortion of actual facts". Alfa Bank said that the information about the allegedly unstable situation of a number of Russian banks, contained in Alfa Capital's client mailing, is a purely private opinion of the company's manager and does not correspond to reality.
Banks went into negative on liquidity

The press service of Binbank warned the Criminal Code of the unjustified. These statements "remind either irresponsible and unreasonable statements by analysts, or an attempt to conduct unfair competition," RIA Novosti quotes Binbank as saying.

In the Criminal Code "Alfa-Capital" stated that Gavrilov's letter - "the personal point of view of an individual employee and in this case does not correspond to the position of the company." Alfa-Capital does not have any non-public negative information regarding the above group of banks, the commentary says.

The company's management promises to conduct an analysis of the actions of a particular employee for compliance with internal procedures, company standards and professional competence.